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Bitcoin wallets

Apart from the official bitcoin wallet, the Bitcoin QT, there are many other alternatives that can be used. The disadvantage of the official wallet is that it stores the whole blockchain, size of which is several tens of gigabytes. You also need to back up the private keys quite often.

Bitcoin Core

Bitcoin Core is a full bitcoin client that works on a peer-to-peer basis. It’s fully independent of any third party. It works with and maintains the entire blockchain. It therefore doesn’t require, unlike other clients, connection to the server, for working with blockchains. It’s therefore very resistant towards fakes generated by servers.

Unfortunately, the disadvantage is, that the blockchain it searches takes already several tens of GBs of space on your hard disc and it’s growing rapidly.

When launched for the first time, it takes ages for the wallet to download the entire blockchain from other users. You’ll therefore need to allow plenty of time before you can start using the wallet.

MultiBit HD

MultiBit HD is designed for ordinary users all over the world. It’s been translated into 35 languages. It works both on Windows and Mac OS X, as well as on Linux. Unlike the Bitcoin Core, it doesn’t search the entire blockchain but only maintains private keys to your addresses and confirms all individual transactions using the third-party servers.

It uses the so called ‘hierarchical deterministic’ method of generating addresses. This means that at the beginning you’ll note down 24 English words (seeds) from which the wallet can generate bitcoin addresses. It’s a very easy way of backing up all your bitcoins. This seed is compatible with other wallets which support this type of generating.

Electrum

Electrum is a very popular client that belongs to so called ‘thin clients’. This means that clients don’t use the entire blockchain, but just store the user’s private keys to the bitcoin addresses, which are then verified against external servers.

It uses so called ‘hierarchical deterministic’ method of generating addresses. This means that at the beginning you’ll jot down 24 English words (seeds) from which the wallet can generate bitcoin addresses. It’s a very easy way of backing up all of your bitcoins. This seed is compatible with other wallets which support this type of generating.

Electrum has the client version for Litecoin and Dash.

mSIGNA

mSigma is a thin client that enables deterministic method of storing the backup (seed).It supports Multisig, which are bitcoin addresses that can be used for sending bitcoins only if you sign the transaction with two out of the three keys.

Bitcoin Wallet

Bitcoin Wallet is the official client for mobile wallets. The whole application is easy to use and offers an option of bitcoin conversion into many different currencies, including the Czech currency. It’s also one of the few applications that is available for BlackBerry phones.

GreenBits

Greenbits is a native application for GreenAddress service. It keeps the private keys with the user and uses two-factor authentication to improve security. It uses BIP32 with the support of BIP39 for easy backing up of the bitcoin seed. It also supports connection to own full node server.

This wallet can be connected to a hardware safety device, such as the bitcoin safe.

Coinomi Universal Wallet

Coinomi is an open-source wallet which supports BIP32 for generating keys from the seed. This wallet is specific and differs from other wallets in offering the possibility to work not just with the bitcoin but also with other alternative currencies. The seed provides you with full control of all funds stored in the wallet.

Simple Bitcoin Wallet

This application is designed for Android. It’s an HD wallet which generates addresses from the seed. This provides the users with full control over their bitcoins. This application is connected to several independent servers in order to secure decentralization. Software is licensed under the GPLv3 and is available on GitHub.

It will run even on a slow internet connection.

breadwallet

A very easy to use wallet which is for its users safer than a personal bank account. Using it is simpler than sending an email. It was primarily built for Apple iOS, where it also stores the keys. This system provides adequate protection from hackers and malware.

Today, it’s also available for Android users.

Bitcoin TREZOR

This is the first truly hardware wallet for bitcoins that really protects your bitcoins from hacking attacks. If you own a large sum of bitcoins, then, using this hardware wallet will become the necessity for you.

All keys are stored on the hardware device and it’s impossible to obtain the keys from it in a case of theft. This device just signs the generated transactions in a certain way so that the transactions can be carried out. The transaction must be confirmed by pressing the button on the device.

Bitcoin trezor works with the seed in the same way as HD wallets, they’re therefore compatible with each other. As a backup, you only need to safely keep 24 words, which then can be used for accessing your bitcoins from any device.

Keepkey

Yet another type of hardware wallet, like the bitcoin trezor. Given the fact that the trezor is a form of open-source hardware, there are a number of copies that work on the same principle as trezor. They offer the same functions and only differ in their appearance.

One of the main disadvantages of the bitcoin trezor copies is the lack of new firmware support.

Coinbase

Coinbase wallet doesn’t represent a ‘classic’ mobile wallet. It’s just a platform that allows access to the Coinbase service. Before you can firstly use this wallet, you need to register and create a profile on their website, which is a lengthy process, since, apart from filling in your data, it’s also necessary to confirm your phone number and your e-mail address. You can’t access the private keys with this wallet and it doesn’t allow you to perform any backups.

The Coinbase wallet doesn’t even offer functions like importing the private keys, digitally signing the address or backing up the private keys, which is ,however, standard offer with other wallets.

Xapo

This is a web wallet that also offers a mobile application for remote access. The main advantage of the Xapo wallet is that it offers payment cards to the account on which you store your bitcoins. The disadvantage of this wallet, however is, that it doesn’t allow you to have full control over your bitcoins. But it allows you to keep the private keys with the third party.

Circle

Circle is a web wallet that tries to function as a bank with on-line banking. It’s heavily investment led, so it constitutes a great, solid service.

This web wallet allows purchasing bitcoins with a payment card. However, we aren’t sure to what degree this service is available for the European market. Also, due to frequent cases of cheating, there have been some restrictions imposed on this service.